Faculty of Da'wah and Religion at Al-Quds University organized the scientific conference "Cooperative Insurance: Reality and horizons" Under the exclusive sponsorship by Tamkeen Insurance Company

Faculty of Da'wah and Religion at Al-Quds University organized the scientific conference "Cooperative Insurance: Reality and horizons"

Under the exclusive sponsorship by Tamkeen Insurance Company

Ramallah - the campus of Al Quds University in Abu Dis - east of the holy city hosted activities of a specialized conference on Islamic insurance, organized by the Faculty of Da'wah and Religion at the University, In cooperation with Tamkeen Insurance Company the exclusive sponsor of the conference under the title "Cooperative Insurance: Reality and Horizons” On Saturday, 20/4/2019.

The conference opening was attended by the Executive Vice President of the University. Prof. Hasan Dwaik, Dean of the Faculty of Dawa and religion and the Qur'an, Prof. Mustafa Abu Swei, Chairman of the Preparatory and Scientific Committees of the Conference Prof. Hossam El Din Affaneh, Tamkeen Insurance Company General Manager Mr. Mohammed Al Rimawi, and member of the conference's preparatory committee and manager of marketing communications and public relations Mr. Mahmoud Shakhshir, in addition to a crowd of interested.

The conference aimed to enhancing awareness and knowledge of cooperative insurance and highlighting its growing presence at the local and international levels.

In addition, Prof. Dwaik stressed that the conference is of great importance, given the vitality of the subject dealt with, which is the Islamic insurance, and the nature of participants, calling for upgrading the level of care for this sector, and the recommendations of the Conference in force.

Prof. Abu Sui said that Islamic insurance is attracting increasing attention as it meets the needs of a wide range of citizens. In addition, he focused on the advantages of Islamic insurance, pointing to the importance of the options available to beneficiaries.

Al-Rimawi stressed that Tamkeen's sponsorship of the event comes in line with the corporate identity of the company, which provides its services in accordance with the principles of Islamic Sharia law and reflects its commitment to the community and its responsibility to raise awareness and knowledge about cooperative insurance.

In addition, he praised the cooperation between Tamkeen Insurance Company and Al-Quds University, pointing out that the university represents an academic institution that plays a prominent role in the graduation of efficient cadres who contribute effectively to building the country and its institutions.

He added: Islamic insurance or cooperative, today is a reality imposes itself strongly in the world of finance and business, especially in the field of the insurance industry, from here it was not strange to receive a large turnout in Palestine.

 Al-Rimawi also focused on the experience of cooperative insurance in Palestine, indicating that there are great prospects in front of it, and he said "There is a large segment of Palestinians, who refrains from conventional insurance due to legitimate considerations. This percentage was estimated according to the data of foreign companies that are concerned about 36% of the Palestinian public in the West Bank and the Gaza Strip, who wish to acquire or obtain Islamic insurance services."

Al-Rimawi spoke who is considered the Dean of Islamic Insurance in Palestine, for his experience in the establishment and management of Islamic insurance companies in Palestine, and the challenges imposed on this level, in the absence of a law of Islamic insurance, and the lack of qualified and specialized cadres in this area, pointing out that credibility is the title of this experiment.

And he pointed out that when the first Islamic insurance company was established in Palestine in 2007, the share of the market for Islamic insurance in 2008 reached about 2%, so that this ratio increased by the end of last year to 18%. He expected that the Islamic insurance by the end of the year will reach about 23% stressing that this percentage is likely to increase further during the coming period.

Moreover he focused on the experience of Tamkeen Insurance Company, pointing out that it came to constitute an addition to the insurance sector, especially as it is a model of partnership between the public and private sectors, explaining that its capital amounts to 8 million dollars and that it has 14 branches and offices in Palestine.

For his part, Prof. Afaneh discussed the objectives and themes of the conference, pointing out that his organization came in light on spread of cooperative insurance in Palestine, the bright reality of this type of insurance and the optimistic future that experts, specialists and employees in the insurance markets are drawing up for the future of Islamic insurance at the local, regional and global levels. Due to the great growth and the increasing spread of this Islamic industry.

He also pointed out that among the objectives of the conference is to contribute to laying the foundations and legal rules for the development of the cooperative insurance industry and work to support the mutual ties between the two sides of the cooperative insurance by working to expand the rule of transparency and control of the work of different insurance companies, As well as the reality of cooperative insurance in Palestine and its role in protecting and strengthening the national economy. In addition, he pointed out that the target parties of the conference are universities, colleges, local, Arab and international research centers, experts and specialists in the insurance sector, cooperative insurance companies and representatives of the concerned bodies, including graduate students in the field of forensic, legal and administrative sciences.

And he pointed out that one of the advantages of the conference is the participation of a group of Palestinian researchers and specialists in the submission of scientific papers.

On the other hand, the final statement of the conference stressed the importance of increasing attention to the insurance sector, by taking a series of actions, Including the issuance a specialized Islamic insurance law in Palestine, the establishment of faculties of Sharia and Islamic studies and economics taught a course on Islamic insurance,  demanding Islamic insurance companies to comply with insurance companies Islamic reinsurance, activating the principles of governance, Holding more workshops and scientific conferences, carrying out awareness campaigns on Islamic insurance, Keeping pace with developments in the field of insurance, and adopting applications of electronic networks as a marketing tool to access customers and the public.

The conference included a paragraph honoring a number of personalities who contributed to the organization and success of the conference.